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Jio Platforms to Acquire Mimosa Networks – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Jio Platforms to acquire Mimosa Networks for $60mn

Jio Platforms (a subsidiary of Reliance Industries) will buy US-based communications equipment maker Mimosa Networks for $60 million to strengthen its 5G and broadband services. Mimosa’s portfolio includes point-to-point and point-to-multi-point products based on WiFi 5 and the newer WiFi 6E technologies. The deal comes at a time when most countries are looking to move away from Chinese technology.

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Axis Bank, ITC to offer rural lending products to farmers in remote regions

Axis Bank has partnered with ITC Limited to offer the bank’s lending products and services to farmers who are a part of ITC’s agriculture ecosystem. The deal will enable Axis Bank to cater to the financial requirements of the unserved and under-served farmers based in remote regions of India.

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Muthoot Finance announces extension of NPS services to domestic, NRI customers

Muthoot Finance announced the extension of its National Pension Scheme (NPS) services to both domestic and NRI customers through its website and the iMuthoot app. With this move, the company aims to provide customers with an additional avenue for long-term retirement planning as well as benefit them with a tax concession of up to ₹50,000 under subsection 80 CCD (1B).

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Godrej Agrovet signs pact with AP govt to set up edible oils refining plant at ₹100 crore

Godrej Agrovet Ltd has signed a Memorandum of Understanding (MoU) with the Andhra Pradesh govt on the sidelines of the Andhra Pradesh Global Investors Summit (APGIS) 2023. As a part of the MoU, the company’s oil palm business will make an estimated investment of Rs 100 crore to set up a manufacturing facility for an edible oil refinery and solvent extraction plant.

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Alembic Pharma gets USFDA approval to market generic antidepressant drug

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration to market Brexpiprazole tablets in the American market. The drug is used to treat major depressive disorders and schizophrenia. According to IQVIA data, Brexpiprazole tablets have an estimated market size of $1.6 billion for the 12 months ended December 2022.

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Reliance launches iconic beverage brand Campa

Reliance Consumer Products Ltd (RCPL) announced the launch of the iconic beverage brand Campa. RCPL is the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL). The Campa portfolio will initially include Campa Cola, Campa Lemon and Campa Orange in the sparkling beverage category.

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Glenmark, Cediprof announce exclusive distribution agreement in US

Glenmark Pharmaceuticals Ltd (GPL) has entered into an exclusive agreement with Cediprof Inc. for the supply and distribution of a generic drug indicated for the treatment of attention deficit hyperactivity disorder (ADHD). GPL expects to commence distribution of the product in the US during the second half of 2023.

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Shoppers Stop signs pact with Japan’s Shiseido to sell NARS cosmetics in India

Japan-based Shiseido Asia Pacific signed a strategic distribution partnership agreement with Global SS Beauty Brands (a subsidiary of Shoppers Stop) to expand its brand footprint in India. Shiseido is one of the top 5 manufacturers of cosmetics in the world. Through the partnership, Shiseido Group will officially launch its global make-up brand, NARS Cosmetics, in the second half of 2023 in key cities in India.

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India’s Manufacturing PMI Slows to 4-Month Low in Feb – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

India’s manufacturing PMI slows to 4-month low in Feb

India’s manufacturing sector expanded at the slowest pace in four months in February. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 in Feb, compared to 55.4 in Jan. New orders and output rose sharply last month, indicating strong domestic demand despite inflationary pressures. 

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

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February GST collection at Rs 1.50 lakh crore, up 12% YoY

The gross Goods and Service Tax (GST) revenue collection in February 2023 stood at Rs 1,49,577 crore, an increase of 12% on an annual basis. Of the total revenue collected, central GST is Rs 27,662 crore, state GST is Rs 34,915 crore, integrated GST is Rs 75,069 crore, while cess is Rs 11,931 crore.

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Auto sales data for Feb 2023: Highlights  

Maruti Suzuki India posted a 5% year-on-year (YoY) increase in wholesale sales to 1.72 lakh units in Feb 2023. Sales of its mini & compact vehicle segment rose 4.4% YoY to 1.01 lakh units. Exports fell 28.4% YoY to 17,207 units.

Tata Motors Ltd registered a 7% YoY increase in passenger vehicle sales to 43,140 units in Feb. The automaker’s commercial vehicle sales declined by 3% YoY to 36,565 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 30,538 units in Feb, an increase of 10% YoY. M&M’s tractor sales rose 26% YoY to 25,791 units. 

TVS Motor Company’s total sales stood at 2.76 lakh units in Feb, down 2% YoY. Meanwhile, Bajaj Auto’s sales fell 11% YoY to 2.8 lakh units.

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Axis Bank completes acquisition of Citigroup’s India consumer business for Rs 11,603 crore

Axis Bank has completed the acquisition of Citigroup’s India consumer business from Citibank N.A. and NBFC consumer business from Citicorp Finance (India) Ltd. as going concerns. The transaction has been completed for an overall consideration of Rs 11,603 crore in cash, based on the contracted computation of closing positions of assets, assets under management (AUMs), and liabilities as of Jan 31, 2023.

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PNB withdraws divestment process in Canara HSBC Life Insurance

Punjab National Bank (PNB) will discontinue the process of divestment in associate company Canara HSBC Life Insurance. The bank had acquired a stake in the life insurer post-amalgamation of the erstwhile Oriental Bank of Commerce (OBC). It will hold its stake in the life insurer as an investor, subject to regulatory approvals. 

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Alembic Pharma gets USFDA approval to market generic cancer drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Docetaxel Injection in multiple-dose vials. The drug is indicated for the treatment of breast cancer, non-small cell lung cancer, and castration-resistant prostate cancer. According to IQVIA data, Docetaxel injection has an estimated market size of USD 11 million in the US market. 

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Welspun Corp secures order for export of LSAW pipes and bends to Middle East

Welspun Corp Ltd (WCL) has secured an order for the export of LSAW pipes and bends to the Middle East. The contract is for approximately 83,000 MT bare pipes, with an option of coating exercisable by the project owner subsequently. The pipes supplied to the Middle East will be used for offshore production and transport of gas.

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PVR Inox to add 200 screens every year

Multiplex operator PVR is working on “getting economies of scale” after the merger of rival Inox Leisure and expects double-digit growth in its topline (revenue) in FY24, said managing director Ajay Bijli. The company is working on synergies on revenue from ticket prices, food & beverage, advertising, and operating costs. PVR-Inox also plans to add 200 screens every year.

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Adani Group secures $3 billion credit from sovereign wealth fund: Report

According to a Reuters report, Adani Group has told creditors it has secured a $3 billion loan from a sovereign wealth fund. Sources said the credit line from the sovereign wealth fund could be increased to $5 billion, citing a memo that was circulated to participants as highlights of a three-day investor roadshow that ended on Wednesday. The identity of the sovereign wealth fund was not disclosed in the memo.

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Petrol, diesel sales up 12-13% in February

Domestic sales of petrol and diesel rose 12% YoY and 13% YoY, respectively, in February due to increased mobility of people and goods in an expanding economy. Jet fuel sales in Feb 2023 were 41% higher than in the same month last year but 10% lower than in 2020. Sales of liquefied petroleum gas (mainly used for cooking) increased by 2.4% YoY in Feb.

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Bajaj Finserv gets SEBI license to start mutual fund business

Bajaj Finserv has received a SEBI license to start a mutual fund business. The company has formed two wholly-owned subsidiaries — Bajaj Finserv Mutual Fund Trustee Ltd (BFMFTL) and Bajaj Finserv Asset Management Ltd (BFAML). Bajaj Finserv Mutual Fund, with BFAML as the investment manager, will offer a range of mutual fund products, including equity, debt, and hybrid funds to investors.

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Steel Prices Rise to 3-Month High in Jan – Top Indian Market Updates

steel

Here are some of the major updates that could move the markets tomorrow:

Steel prices rise to 3-month high of ₹56,900 per tonne in Jan: SteelMint

According to a SteelMint report, steel prices increased by 5% to hit a three-month high of ₹56,900 per tonne in January. Prices of coking coal have risen in January to $310 per tonne from $279 a tonne in December 2022. India remains dependent on imports to meet over 85% of its coking coal requirements.

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Axis Bank enters into revised pact to acquire additional 7% stake in Max Life

Axis Bank has entered into a revised agreement with Max Financial Services to acquire an additional 7% stake in Max Life Insurance at fair market value using discounted cash flow method. The revision in the agreement follows the guidance issued by the Insurance Regulatory and Development Authority (IRDAI) in October 2022. Discounted cash flow refers to the estimated value of an investment based on future cash flows.

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Coal India subsidiary NCL to start M-Sand production

Northern Coalfields Ltd (NCL), a subsidiary of Coal India Ltd, will soon start production of M-Sand, a material used for construction works. NCL will start production of M-Sand or Manufactured Sand for its Amlohri project in Madhya Pradesh.

In other news, CIL has issued Letters of Acceptance for nine coal mining projects to be operationalised through the engagement of mine developers and operators. These 9 projects have a production capacity of around 127 million tonnes (MT).

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NTPC produces 14.55 MT coal from captive mines in April-December

State-owned NTPC’s coal production increased 51% year-on-year (YoY) from its captive mines to 14.55 million tonnes (MT) in April-December 2022. Its four operational coal mines have contributed to accomplishing the highest-ever monthly coal production of 22.83 lakh tonnes in December 2022. In the third quarter (Q3 FY23), NTPC produced 5.79 MT of coal and dispatched 5.42 MT to its power plants.

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Glenmark Pharma launches generic version of diuretic Bumetanide injection

Glenmark Pharmaceuticals Ltd’s US arm has launched its generic version of diuretic Bumetanide injection. Bumetanide is used to reduce extra fluid in the body (edema) caused by conditions like congestive heart failure, liver disease, and kidney disease. According to IQVIA sales data, the generic version of this injection achieved annual sales of approx. $16.5 million for the 12 months ended November 2022.

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Non-promoter shareholders allowed to sell stake via OFS: Sebi

The Securities and Exchange Board of India (SEBI) has modified the existing framework for conducting an offer for sale (OFS) of securities by companies by allowing non-promoter stakeholders to opt for the same. Until now, only promoter and promoter group entities were allowed to sell stakes through an OFS on the stock exchanges. The OFS mechanism will now be available to companies with a market capitalisation of ₹1,000 crore and above.

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PSP Projects wins ₹1,344 crore order from Surat Municipal Corporation

PSP Projects Ltd. has secured a government project worth Rs 1,344.01 crore from the Surat Municipal Corporation (SMC). The company will construct a state-of-the-art high-rise office building for SMC in Surat, Gujarat. With this latest order, the total order inflow of PSP Projects has increased to ₹3,292.59 crore in the current financial year (FY23). 

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​​Indian Overseas Bank revises interest rates up to 45 basis points

Indian Overseas Bank (IOB) has revised interest rates on rupee retail term deposits up to 45 basis points (bps) with immediate effect. Depositors of the domestic, non-resident ordinary (NRO), and non-resident external (NRE) would receive interest rates up to 7.75% by opening term deposits for 444 days. The interest rate on foreign currency deposits has also increased by up to 100 bps.

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Zydus Lifesciences gets final USFDA approval for Febuxostat tablet

Zydus Lifesciences has received final approval from the United States Food & Drug Administration (USFDA) to market Febuxostat tablets. The tablets are prescribed for lowering or controlling high uric acid levels in patients suffering from gout (or severe arthritis). It will be produced at the pharma company’s formulation manufacturing facility at Moraiya, near Ahmedabad.

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Adani-led group completes purchase of Israel’s Haifa Port

A consortium led by India’s Adani Group has completed the purchase of Haifa Port in northern Israel for 4 billion shekels ($1.15 billion). Israel has been selling its state-owned ports and building new private docks to bring down costs and cut above-average waiting times for vessels to unload. The entry of the Shanghai International Port Group (SIPG) and the Adani-led group will likely boost Israel’s standing as a regional trade hub.

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ICICI Bank, Axis Bank to Acquire Stake in IOCL’s JV – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

ICICI Bank, Axis Bank to acquire stake in IOCL’s JV

ICICI Bank, Axis Bank, and SBI Life Insurance will acquire a 10% stake each in a proposed joint venture (JV) of Indian Oil Corporation Ltd (IOCL) and Chennai Petroleum. The target entity will be incorporated through seed capital of ₹5 lakh each from the three entities. The JV aims to set up a 9 million metric tonne per annum refinery at Nagapattinam, Tamil Nadu.

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Tata Consumer to buy Bisleri International for ₹7,000Cr: Report

According to an Economic Times report, Tata Consumer Products Ltd (TCPL) will acquire Bisleri International for an estimated ₹6,000-7,000 crore. Ramesh Chauhan, chairman of Bisleri, does not have a successor to take his company to the next level. Bisleri is India’s largest packaged water company. It is expected to report a turnover of ₹2,500 crore and a profit of ₹220 crore in FY23.

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Canara Bank launches Electronic Bank Guarantee with NeSL

Canara Bank has launched an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Ltd (NeSL). With this, the lender now offers an API-based digital workflow of bank guarantees. This platform offers greater transparency, better monitoring triggers, and secured transmission of bank guarantees to beneficiaries.

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Bajaj Electricals partners with Cultinno to kick off innovation challenge

Cultinno has partnered with Bajaj Electricals Ltd to launch the ‘Bajaj Cultinno Challenge’. The two entities are trying to find a solution that will keep water heaters operational despite being under high TDS (total dissolved solids) conditions. Mumbai-based Cultinno is a social impact initiative aimed at driving a culture of innovation

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USFDA issues 8 observations to Lupin’s drug, API production facilities in Mandideep plant

The US Food & Drug Administration (USFDA) has issued Form-483 with eight observations each for Lupin Ltd’s product and raw material production centres at its facility in Mandideep (Madhya Pradesh). Form 483 is issued when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic Act and related Acts.

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Coal stock at thermal power plants may reach 45 MT by March-end

The Indian government is planning to increase coal stock at thermal power plants to 45 million tonnes (MT) by March-end. The Ministry of Coal further plans to increase the stock of fossil fuel at the pithead. The total coal output in the country stands at 448 MT as of October, 18% higher than the production in the corresponding period of FY22. The growth of coal production from Coal India Ltd (CIL) is also more than 17% YoY.

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Cipla’s Goa unit continues to be classified as ‘Official Action Indicated’

Cipla Ltd has received a notice from the USFDA stating that the classification of its manufacturing facility in Goa continues to be ‘Official Action Indicated’ (OAI). USFDA may continue to withhold product approvals from this facility till the outstanding observations are resolved. Cipla said it is working closely with USFDA and is committed to addressing all issues at the earliest. 

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Sonata Software secures multi-year deal from Global Cloud Xchange

Global Cloud Xchange (GCX) has selected Sonata Software as its technology and business transformation partner in a multi-million, multi-year deal. Sonata will help GCX migrate from legacy technology and platforms while enabling strategic business transformation. GCX is a network service company powering digital transformation for enterprises, new media providers, and telecom carriers.

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L&T Construction secures order from Greenko Group

Larsen & Toubro’s construction arm has secured a significant order (in the range of ₹1,000-2,500 crore) from leading global renewable energy company Greenko Group. The order is for the development of an off-stream pumped storage project in Madhya Pradesh. The Gandhisagar Pumped Storage Project (PSP) will be designed to meet a pumped storage capacity of 10,080 megawatt-hours (MWHr).

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Laurus Labs to acquire 26% stake in Ethan Energy

Laurus Labs will acquire a 26% stake in solar charger manufacturer Ethan Energy India Pvt Ltd at ₹52.70 per share. The total number of shares to be bought by Laurus Labs will be 7.4 lakh. With this acquisition, the pharma company will be able to consume 100% of Ethan Energy’s 10 MW solar energy plant.

FDI equity inflows fall 24% YoY in Q2: DPIIT

Foreign direct investment (FDI) equity inflows into India fell nearly 24% year-on-year (or 37% QoQ) to $10.3 billion in the September quarter (Q2). In the first half of FY23, FDI equity inflows fell 14% YoY to $26.91 billion. The data was released by the Department for Promotion of Industry & Internal Trade (DPIIT). 

Globally, FDI inflows rebounded in 2021 from pandemic lows. However, it has fallen in 2022 following the start of the Russia-Ukraine war and tight monetary policies in FDI-source countries.

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Asian Paints Posts 31% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Asian Paints Q2 Results: Net profit rises 31% YoY to ₹783 crore

Asian Paints Ltd reported a 31.3% YoY increase in consolidated net profit to ₹782.71 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 19% YoY to ₹8,457.6 crore during the same period. EBITDA stood at ₹1,227.7 crore in Q2, up 36% YoY. The company’s board has approved an interim dividend of ₹4.4 per share.

Asian Paints will invest ₹2,100 crore to set up a facility to manufacture Vinyl Acetate Ethylene Emulsion (VAE) and Vinyl Acetate Monomer (VAM). VAE is a key constituent to manufacturing environmentally friendly paints, and VAM is a key input to making VAE.

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Coal import to be stopped by 2024: Pralhad Joshi

Union Coal Minister Pralhad Joshi said the import of coal, which has declined considerably, will be stopped by 2024. The minister said commercial coal mine auction, which was institutionalised by the present government, has made the auctioning process totally transparent. According to Joshi, coal production in the current financial year (FY23) is expected to touch 900 million tonnes.

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Axis Bank Q2 Results: Net profit rises 70% YoY to ₹5,330 crore

Axis Bank reported a 70% YoY (or 29% QoQ) increase in net profit to ₹5,330 crore for the quarter ended Sept (Q2 FY23). The net interest income (NII) grew 31% YoY to ₹10,360 crore during the same period. The gross non-performing assets ratio (GNPA) improved to 2.5% in Q2, compared to 2.76% in Q1. Provisions fell 68% YoY to ₹549.78 crore in Q2 FY23.

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Bajaj Finance Q2 Results: Net profit rises 88% YoY to ₹2,781 crore

Bajaj Finance reported an 88% YoY increase in net profit to ₹2,781 crore for the quarter ended Sept (Q2 FY23). Its net interest income (NII) rose 31% YoY to ₹7,001 crore during the same period. The assets under management (AUM) stood at ₹2,18,366 crore in Q2, up 31% YoY. The gross non-performing assets ratio (GNPA) improved to 1.17% in Q2, compared to 2.45% in Q1. 

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SEBI clears govt proposal to turn Vodafone Idea dues into equity: Report

As per a Reuters report, the Securities & Exchange Board of India (SEBI) has approved the government’s proposal to convert Vodafone Idea’s dues of over $1.92 billion to equity. Last year, the central government approved a rescue package for debt-strapped telecom companies that allowed them to convert interest on deferred adjusted gross revenues (AGRs) owed to the government into equity. 

Vi’s board is scheduled to meet on October 21 to consider the issuance of debentures convertible into equity shares on a preferential basis to a vendor.

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Tata Consumer Q2 Results: Net profit rises 22% YoY to ₹328 crore

Tata Consumer Products Ltd reported a 22% YoY increase in net profit to ₹327.9 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 11% YoY to ₹3,363.1 crore during the same period. The FMCG company’s expenses stood at ₹3,021.9 crore in Q2, up12% YoY. Revenue from its India business grew 9.2% YoY to ₹2,159.9 crore.

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Adani Transmissions secures ₹1,300 crore deal from Mumbai’s BEST

Adani Transmission Ltd has secured a deal worth ₹1,300 crore to install and maintain 10.80 lakh smart meters for BEST Undertaking. The Brihanmumbai Electric Supply and Transport (BEST) Undertaking is a state-run utility that serves consumers in the island city exclusively. The current contract involves installing the smart meters over 30 months and maintaining them for the following 90 months.

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Dixon Tech Q2 Results: Net profit rises 23% YoY to ₹77 crore

Dixon Technologies Ltd reported a 23.11% YoY increase in consolidated net profit to ₹77.12 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 37.91% YoY to ₹3,866.77 crore during the same period. Total expenses stood at ₹3,766.54 crore in Q2, up 38.24% YoY. Revenue from its consumer electronics business stood at ₹1,500.7 crore, while revenue from lighting products stood at ₹290.4 crore.

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Glenmark Pharma launches drug for diabetic patients with comorbidities

Glenmark Pharmaceuticals Ltd has launched a fixed-dose combination for the treatment of diabetes for patients with comorbidities (more than one disease or medical condition). The Mumbai-based drug maker has become the first company to launch Teneligliptin (20mg) + Dapagliflozin (5mg/10mg) fixed-dose combination to treat Type-2 diabetes in adult patients. The new drug is marketed under the Zita D brand.

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IEX Q2 Results: Net profit falls 7% YoY to ₹71 crore

Indian Energy Exchange (IEX) reported a 7% YoY decline in consolidated net profit to ₹71 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations fell 13% YoY to ₹95 crore during the same period. EBITDA stood at ₹78.9 crore in Q2, down 17% YoY.

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Adani Group to Invest Over $100 billion in Next Decade – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Adani Group to invest over $100 billion in next decade

The Adani Group will invest more than $100 billion in the next decade, said Chairman Gautam Adani at the Forbes Global CEO Conference in Singapore. Nearly 70% of this investment will be in the energy transition space. The group will add 45 gigawatts of hybrid renewable power generation capacity and build 3 giga factories to manufacture solar panels, wind turbines, and hydrogen electrolysers.

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Torrent Pharma to acquire Curatio Health for $245 million

Torrent Pharmaceuticals Ltd will acquire skincare major Curatio Health Care (I) for ₹2,000 crores. Following the Curatio deal, Torrent Pharma will be among the top 10 companies in the dermatology segment in India. Sequoia Capital-backed Curatio has a portfolio of over 50 brands that are marketed in India.

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Reliance Retail launches first outlet of ‘Reliance Centro’

Reliance Retail Ventures Ltd announced the launch of its fashion & lifestyle departmental store “Reliance Centro” in Vasant Kunj, Delhi. Centro’s core offerings are curated to make it a one-stop fashion destination for mid-premium segment customers. The store offers categories including apparel, footwear, cosmetics, lingerie, sportswear, and accessories with over 300 Indian and international brands.

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Axis Bank eyes general insurance space: MD

Axis Bank MD & CEO Amitabh Chaudhry indicated that the lender may be interested in investing in a general insurance company if a good opportunity comes up. Under Chaudhry’s leadership, Axis Bank has been expanding its footprint in the financial sector space as it aims to challenge bigger rivals like SBI, HDFC Bank, and ICICI Bank to become a one-stop service provider.

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BHEL secures order for 2×660 MW Talcher Thermal Power Project Stage-III

Bharat Heavy Electricals Ltd (BHEL) has received a prestigious order for setting up the 2×660 megawatts (MW) Talcher Thermal Power Project Stage-III from NTPC Ltd. State-owned NTPC is investing ₹11,843.75 crore for this project. BHEL is an Indian government-owned engineering and manufacturing enterprise based in New Delhi, India. 

Power Grid to invest Rs 327.7 crore in Gujarat transmission line

Power Grid Corporation of India Ltd’s (PGCIL) board has approved an investment of ₹327.71 crore for the transmission project line in Gujarat. PGCIL will link its pooling station with Reliance Industries Ltd’s Jamnagar oil refinery in Gujarat. The scheduled commissioning date is September 2023.

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Muthoot Finance signs MoU with Lulu International Exchange for ease of money transfer

Muthoot Finance has signed a Memorandum of Understanding (MoU) with UAE-based Lulu International Exchange to work as its collection partner. Through this partnership, Muthoot Fiance aims to drive convenience and ease of money transfer for over four lakh NRIs in the UAE region whose relatives have availed gold loans back home. NRIs can avail the service at any of the 89 branches of Lulu Exchange spread across the UAE. 

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HFCL secures orders worth ₹202 crore

HFCL Ltd has secured orders worth ₹202.6 crore from three customers. The company has received a purchase order of ₹167.60 crore from Reliance Retail and Reliance Projects & Property Management Services for the supply of optical fibre cables (OFC). It has also bagged an order of ₹35 crore from one of its overseas customers for the supply of OFCs and related accessories. 

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India’s inclusion into key government bond index pushed back to next year: Report

As per a Reuters report, Indian government bonds will likely only be included in the JPMorgan emerging market global index early next year as the govt. still needs to address various operational issues. Investors had expected a decision on this could come this month when operators meet to review the composition of the index and after Russia’s exit earlier this year. The rupee turned lower and bond yields rose after news of the delay in inclusion. 

Read more here.

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PVR to Invest ₹350cr for 100 New Screens in FY23 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

PVR to invest ₹350 crore for 100 new screens in FY23

PVR Limited will invest up to ₹350 crore to open 100 new screens in the current financial year (FY23). The investments will be funded by cash balances from internal accruals and also by some debt. The company expects its mega-merger with Inox Leisure to close by February 2023, after which it will start to run as a combined business. 

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DLF to develop luxury project in Gurgaon; targets ₹1800 crore sale

DLF Limited will develop a new luxury housing project in DLF5, Gurugram, with an estimated sales realisation of ₹1,700-1,800 crore. It will comprise 292 residences in a total developable area of 8.5 lakh square feet. The company has focused on many low-rise luxury developments and has sold floors worth ₹3,000 crore in 20 months.

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Mahindra Lifespace eyes society redevelopment projects in Mumbai

Mahindra Lifespace Developers Ltd (MLDL) expects to secure two society redevelopment projects in Mumbai in FY23. The company is also looking to develop data centres as part of its expansion plans. MLDL aims to develop build-to-suit industrial and warehousing space in its existing large integrated industrial parks and may also look at housing for senior citizens.

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Tata Group to halve number of listed companies to boost competitive strength

The Tata Group has commenced plans to halve the number of listed companies in the conglomerate from 29 to ~15 in the coming months to focus on investing in fewer but bigger entities that can compete well in the marketplace. They are speeding up its simplification and synergising strategy to better focus on growth & scale and improve cashflows in the larger companies. Last week, the group initiated the process of consolidating its steel business by merging seven subsidiaries into Tata Steel.

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Tata Motors to invest ₹2,000 crore per annum on CV business

Tata Motors Ltd plans to continue investing up to ₹2,000 crore per annum in its commercial vehicle (CV) business to launch new models. The company is also looking to transition to cleaner mobility through vehicles powered by CNG and other alternative fuel options. It expects CNG models to account for nearly 40% in intermediate & light commercial vehicles and 20% in small CVs going ahead.

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HAL sets up ₹208 crore rocket engine manufacturing facility

Hindustan Aeronautics Ltd (HAL) has set up a ₹208 crore Integrated Cryogenic Engine Manufacturing Facility (ICMF) that would cater to the entire rocket engine production under one roof for Indian Space Research Organisation (ISRO). Set up over an area of 4,500 square metres, the facility will house over 70 hi-tech equipment and testing facilities for manufacturing cryogenic and semi-cryogenic engines of Indian rockets.

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Samsung, Axis Bank launch co-branded card

Samsung and Axis Bank have launched a new co-branded credit card in India. The credit card will be powered by Visa and comes with a host of benefits such as cashback and reward points. It offers 10% cashback across all Samsung products (smartphones, tablets, TVs, ACs) and services around the year. The two entities have also partnered with key partner merchants such as BigBasket, Myntra, Tata 1mg, and Zomato.

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Mahindra Logistics to acquire Rivigo’s B2B express business

Mahindra Logistics Ltd (MLL) has reached an agreement to acquire Rivigo Services Pvt. Ltd’s (RSPL) business-to-business (B2B) express business. MLL will take over the customers, team, assets, and technology platform of the B2B express business. RSPL will continue to own its truck fleet and the rights to the full truckload (FTL) operations.

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BSE gets final SEBI approval to launch electronic gold receipts

BSE Ltd has received final approval from the Securities and Exchange Board of India (SEBI) for introducing the Electronic Gold Receipt (EGR) segment on its platform. The exchange conducted several mock trading in the test environment for its members to facilitate trading in EGRs. EGRs will go a long way in building a transparent channel for gold trade on a national institutionalised platform.

To learn more about EGRs, click here.

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Fortis Healthcare Shares Crash 20% on SC Order – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Fortis Healthcare shares crash 20% as SC extends stay on IHH open offer

Shares of Fortis Healthcare Ltd crashed nearly 20% after the Supreme Court (SC) ordered the continuation of a stay on IHH Healthcare’s open offer for the company. The court ordered a forensic audit of the share sale in Fortis Healthcare in 2018 and refused to allow the open offer from Malaysia’s IHH Healthcare Bhd to proceed. Malvinder Singh and Shivinder Singh, former promoters of the company, were handed six-month jail terms by the SC for their involvement in the deal.

Read more here.

SpiceJet announces 20% salary hike for pilots: Report

As per an ET Now report, SpiceJet Ltd has announced a 20% salary hike for pilots from October. The airline reportedly received the first tranche of the Emergency Credit Line Guarantee Scheme (ECLGS) payment of around ₹125 crore last week. SpiceJet recently decided to place certain pilots on leave without pay (LWP) for three months as a temporary measure to rationalise costs.

Read more here.

Lux Industries draws up plans to increase turnover of flagship brand

Innerwear major Lux Industries Ltd has drawn up plans to increase the turnover of its flagship brand Lux Cozi from ₹700 crore to ₹1,000 crore by FY25. The company wants to expand its presence in regional markets and engage regional celebrities as brand ambassadors. It has roped in Sourav Ganguly, the former captain of the Indian cricket team, as the brand ambassador for Lux Cozi.

Read more here.

Axis Bank starts digital lending through Account Aggregator Framework

Axis Bank has started lending through its Account Aggregator (AA) Framework. The bank offers personal loans, credit cards, auto loans, and small business loans through the account aggregator journey. It provides instant loans that are completely digital and paperless for existing and new customers.

RBI asks Mahindra Finance to stop loan recovery via external agents

The Reserve Bank of India (RBI) ordered Mahindra & Mahindra Financial Services to immediately stop loan recoveries via external agents till further orders. This comes days after the company’s loan recovery agents allegedly crushed a 27-year-old woman in Jharkhand to death under a tractor. The agent was forcibly taking the vehicle away for non-payment of dues.

Read more here.

IndusInd Bank, RBL Bank increase MCLR

IndusInd Bank and RBL Bank have increased their marginal cost of funds-based lending rates (MCLR) effective Thursday. Their decision comes days ahead of RBI’s Monetary Policy Committee’s (MPC) meeting on the repo rate. IndusInd Bank hiked its MCLR by 5-10 basis points, while RBL Bank hiked the rate by 20 bps. [MCLR is the lowest interest rate that a financial institution can offer on loans.] 

Read more here.

ICICI Bank launches ‘Festive Bonanza’ for its customers

ICICI Bank announced the launch of ‘Festive Bonanza’, a wide variety of offers for all its customers at the onset of the festive season. Customers can enjoy discounts and cashback up to ₹25,000, which can be availed using the bank’s credit cards, debit cards, internet banking, consumer finance, and cardless EMI. The bank has collaborated with leading brands and e-commerce platforms across a wide range of products and services.

Read more here.

Hero MotoCorp hikes prices of scooters, motorcycles

Hero MotoCorp Ltd has increased the prices of its scooters and motorcycles across India with immediate effect. The price hike will be as high as ₹1,000. The company has taken the step to partially offset the impact of cost inflation. The current product portfolio of Hero MotoCorp includes 14 motorcycles ranging from ₹55,450 to ₹1,36,378 and four scooters ranging from ₹66,250 to ₹77,078.

Read more here.

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Adani Group to Build 3 Giga Factories as Part of Green Energy Push – Top Indian Market Updates

adani

Here are some of the major updates that could move the markets tomorrow:

Adani Group to build 3 giant factories as part of green energy push

Adani Group will build three giant factories in India leading to the world’s most integrated green energy value chains, said Chairman Gautam Adani. The giga factories will manufacture polysilicon for solar modules, wind turbines, and hydrogen electrolysers. In July, the group announced plans to invest $70 billion in green energy transition and infrastructure projects to become a net exporter of clean energy.

Read more here.

NCLT allows to convene shareholders’ meeting to seek approval of ZEEL-Sony merger

The National Company Law Tribunal (NCLT) has allowed Zee Entertainment Enterprises Ltd. (ZEEL) to convene a meeting of its shareholders to seek the approval of its proposed merger with Culver Max Entertainment Pvt. Ltd. (formerly known as Sony Pictures Networks India Pvt Ltd). ZEEL and Sony Pictures Network India signed a definitive agreement to merge the two companies on December 22, 2021.

The broadcasters are yet to receive formal approval from the Competition Commission of India (CCI).

Read more here.

Coal India’s production up by 44.6 MTs in 5 months

Coal India Ltd’s production in the ongoing financial year (FY23) increased by 44.6 million tonnes (MTs) in five months and four days, beating the previous best of 44.5 MTs registered in FY16 (full year). The company is hopeful of reaching close to the apportioned target of 306 MTs in the April-September period (H1) of FY23.

Read more here.

Lupin, DKSH to market Alvotech biosimilars in Philippines

Lupin Ltd has signed an exclusive license and supply agreement with Swiss healthcare distributor DKSH to commercialize five of Alvotech’s proposed biosimilars in the Philippines. Multicare Pharmaceuticals, Lupin’s subsidiary in the Philippines, will file for marketing approval and be responsible for the distribution of the biosimilars once approved. This agreement enhances Multicare’s oncology, rheumatology, gastroenterology, and ophthalmology portfolio.

Read more here.

Bank of Maharashtra raises ₹710 crore via bonds

Bank of Maharashtra has raised ₹710 crore from bonds to fund business growth. The fund was raised via Basel-III compliant Additional Tier 1 (AT1) bonds of Rs 710 crore (including a green shoe option of ₹610 crore) at a coupon rate of 8.74%. The capital raised through the AT1 bonds will support the bank’s business growth.

Read more here.

Cipla gets USFDA approval for Lenalidomide Capsule

Cipla Ltd has received final approval for its Abbreviated New Drug Application (ANDA) for Lenalidomide Capsule from the US Food & Drug Administration (USFDA). Lenalidomide is an immunomodulatory prescription drug indicated for several hematological malignancies (cancers that begin in blood-forming tissue) in adults. The drug had sales of ~$2.58 billion during the 12 months ended June 2022 in the US.

Read more here.

Max Ventures to acquire Acreage Builders for ₹292 crore

Max Ventures and Industries Ltd (MaxVIL) announced the acquisition of Acreage Builders for ₹291.5 crore. The company executed the share purchase agreement on September 6 for the acquisition of a 100% stake in the realty firm. This acquisition marks MaxVIL’s entry into Gurugram, a key market for Commercial Real Estate (CRE) both within Delhi-NCR and pan-India.

Read more here.

Axis Bank partners with Paynearby; aims to grow loan book organically

Axis Bank has announced plans to grow its Priority Sector Lending (PSL) book organically and make it a profitable business. The bank has partnered with Paynearby, a distribution as a service (DAAS) company. As part of the partnership, Axis Bank will get access to more than 50 lakh micro-retailers and aims to source better lending opportunities on a range of products. 

Read more here.

Maruti Suzuki to enter mid-SUV segment to lift market share to 50%

Maruti Suzuki India Ltd (MSIL) is all set to consider the sports utility vehicle (SUV) segment as the key area to lift its overall market share in India to 50%. The automaker’s overall market share is currently under 45%. It does not have a car in the mid-SUV segment, whose total domestic market size stands at 5.5 lakh. MSIL will launch a model under the mid-SUV segment in the last week of September 2022. 

Read more here.

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Axis Bank’s Net Profit Rises 91% YoY in Q1 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Axis Bank Q1 Results: Net profit rises 91% YoY to Rs 4,125 crore

Axis Bank reported a 91% YoY increase in net profit to Rs 4,125 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 21% YoY to Rs 9,384 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 2.76% in Q1 FY23, compared to 2.82% in Q4 FY22. The bank’s fee income rose 34% YoY to Rs 3,576 crore in Q1.

Read more here.

L&T to sell 8 roads, transmission project to Edelweiss fund for Rs 7,000 crore

Larsen & Toubro Ltd (L&T) will sell eight operational road assets and a power transmission project to Edelweiss Infrastructure Yield Plus, a fund managed by Edelweiss Alternative Asset Advisors. The enterprise value of the assets stands at Rs 7,000 crore. The latest move is part of L&T’s asset-light strategy of exiting several non-core assets. The deal is awaiting regulatory approvals from the National Highways Authority of India (NHAI) and market regulator SEBI.

Read more here.

Tech Mahindra Q1 Results: Net profit falls 16% YoY to Rs 1,132 crore

Tech Mahindra Ltd reported a 16.4% YoY decline in consolidated net profit to Rs 1,132 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 24.6% YoY to Rs 12,708 crore during the same period. EBITDA stood at Rs 1,880 crore, up 0.2% YoY. The IT company secured new deals worth $803 million in Q1, a decline of 1.5% YoY or 20.5% QoQ. Tech Mahindra will invest in new and emerging technologies to deliver differentiated offerings.  

Read more here.

Natco Pharma’s partner gets USFDA nod for prostate cancer treatment drug

Natco Pharma Ltd’s partner Breckenridge Pharmaceutical Inc has received approval from the US Food & Drug Administration (USFDA) for generic Cabazitaxel intravenous powder. The drug is used to treat prostate cancer. As per IQVIA data, the generic version of the drug generated annual sales of $303 million (~Rs 2,417 crore) during the 12 months ended May 2022. 

Read more here.

Tata Steel Q1 Results: Net profit falls 13% YoY to Rs 7,765 crore

Tata Steel Ltd reported a 12.8% YoY (or 20.4% QoQ) decline in consolidated net profit to Rs 7,764.96 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 18.6% YoY to Rs 63,430 crore during the same period. The company produced 7.74 million tonnes (MT) of steel during the quarter, registering a decline of 1.8% YoY. The performance in Q1 was impacted by higher pet coke prices, which led to higher operating costs.

Read more here.

Intellect Design Arena’s arm secures order from Mineral Development Bank

Myanmar-based Mineral Development Bank has chosen Intellect Global Consumer Banking’s (iGCB) Intellect Digital Core to transform its banking solutions. The bank aims to open 15 branches this year. The digital transformation will provide the bank with a platform to innovate faster than its competitors. iGCB is the consumer banking arm of Intellect Design Arena Ltd, a global leader in financial technology for the banking and insurance sectors.

Read more here.

HDFC Securities partners with Equitas SFB to offer Demat, trading services

HDFC Securities has partnered with Equitas Small Finance Bank (SFB) to provide its clients with Demat account and broking investment services. With this partnership, Equitas SFB will offer its customers a “3-in-1″ account for accessing the services of HDFC Securities. All customers can now open their Demat, trading accounts for buying and selling shares and trading in futures, options, and even currencies.

Read more here.

IEX Q1 Results: Net profit rises 10% YoY to Rs 69 crore

Indian Energy Exchange (IEX) reported a 10.05% YoY increase in consolidated net profit to Rs 69.12 crore for the quarter ended June (Q1 FY23). Net profit fell 21.7% when compared to the previous quarter. Its total income rose 10.2% YoY to Rs 113.4 crore during the same period. EBITDA stood at Rs 81 crore in Q1, up 8% YoY.

Govt sets target to raise share of natural gas in energy mix to 15% by 2030

The Indian government has set a target to raise the share of natural gas in the total energy mix from 6.3% currently to 15% by 2030. Initiatives have been taken to expand the National Gas Grid from 21,715 km to about 33,500 km. Several Liquefied Natural Gas (LNG) terminals will also be established across the country. The govt will also allow marketing and pricing freedom to gas produced from high pressure/high-temperature areas, deep water & ultra-deepwater, and coal seams.

Read more here.

Macrotech Developers Q1 Results: Net profit rises 68% YoY to Rs 271 crore 

Macrotech Developers Ltd (Lodha Group) reported a 68.75% YoY increase in consolidated net profit to Rs 271.26 crore for the quarter ended June (Q1 FY23). Its total income grew 52.9% YoY to Rs 2,675.78 crore during the same period. The company reduced its net debt by Rs 450 crore to Rs 8,856 crore in Q1. 

The real estate company expects to enter into alliances to undertake joint development projects with a combined gross development value of Rs 15,000 crore in the current financial year (FY23).

Read more here.

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PVR Plans to Open 125 Screens in FY23 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

PVR plans to open 125 screens in FY23 

PVR Limited expects the movie exhibition industry to bounce back “dynamically” in FY23 and plans to open around 125 screens during the year. The multiplex operator expects business to grow in the coming quarters, supported by the growth in the average ticket price (ATP) and spend per head (SPH) already witnessed in Q3 & Q4 FY 2021-22.

Read more here.

Airtel Payments Bank partners with Axis Bank to digitize last-mile cash collection

Airtel Payments Bank has partnered with Axis Bank to digitise the cash collection system in India’s Tier-III cities and semi-urban regions. The payments bank will leverage the extensive reach of its digital-led neighborhood banking model to support Axis Bank with the digitization of last-mile cash collections. This partnership will help Axis Bank build operational efficiencies in the cash management process.

Read more here.

Steel prices likely to go up again from July 1 on high input cost: JSPL MD

Steel prices are expected to rise from July due to high input costs, said Jindal Steel & Power Ltd (JSPL) Managing Director V R Sharma. “The prices have already bottomed out. There is no chance of reducing them further. There will be an upward price correction from Friday, July 1 by primary players mainly on account of higher input costs,” he said. Secondary steel makers have already increased the price of rebars by Rs 2,000 to Rs 55,000 per tonne in the last four days.

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Minda Industries acquires 5.2% stake in FRIWO for €15 million

Minda Industries Ltd (MIL) has acquired a 5.24% stake in Germany-based FRIWO AG by investing 14.99 million euros. FRIWO AG designs, develops, and manufactures power supply systems, chargers, and motor control units. It is a public listed company, and its principal place of business is in Ostbevern, Germany.

Read more here.

Tata Steel to spend Rs 1,200 crore on new tech development over 4 years

Tata Steel Ltd has announced plans to invest Rs 1,200 crore in new technology development over the next 3-4 years. In the new materials business, the steel maker has been focusing on graphene, which can be mixed with plastic and recycled like brand-new products. Tata Steel has signed a pact with Digital University Kerala and the Centre for Materials for Electronics Technologies (C-MET) to establish the first graphene research and innovation centre in India.

Read more here.

Hindalco to acquire 26% stake in Cleanwin Energy SIX

Hindalco Industries Ltd will acquire a 26% stake in renewable energy generation company Cleanwin Energy SIX in an all-cash deal worth Rs 71.5 lakh. The proposed deal is part of Hindalco’s approach to reducing energy costs through open access to renewable energy generators. Cleanwin Energy was established in December 2021 with the intention of producing 5 MW of wind power.

Read more here.

Al Faisal Holding selects Ramco Systems to enhance its HR and payroll systems

Qatar-based Al Faisal Holding has chosen to implement Ramco Systems’ Global Payroll & HR Solution to streamline and automate its HR and payroll operations. It will also implement Ramco’s facial recognition-based time & attendance system for real-time tracking of the employees. 

Innova Captab files DRHP for IPO with SEBI

Innova Captab Ltd has filed a Draft Red Herring Prospectus (DRHP) with markets regulator SEBI to raise ~Rs 900 crore through an Initial Public Offering (IPO). The proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore. It also includes an Offer For Sale (OFS) of 96 lakh equity shares by promoters and other shareholders. Innova Captab provides research, product development, and manufacturing services to Indian pharma firms.

Read more here.

Allied Digital Services secures contract worth Rs 49 crore

Allied Digital Services Ltd (ADSL) has received a Letter of Intent (LoI) for an order worth Rs 49 crore for the Solapur Smart City project. The scope of the project entails the setting up of a city communication network, command control center, and city-wide surveillance system. ADSL will also establish intelligent traffic management systems across the city.

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HDFC Bank Hikes Lending Rates by 35bps – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

HDFC Bank hikes lending rates by 0.35%

HDFC Bank has raised its lending rate by 35 basis points (bps) across the board to over 7.5%. This will increase the interest rates on all personal loans by the banks that are dependent on their marginal cost of funds. The move comes ahead of widespread anticipation that the Reserve Bank of India will raise interest rates sharply on June 8.

Read more here.

Axis Bank, Indian Oil launch co-branded RuPay contactless credit card

Axis Bank and Indian Oil Corporation Ltd (IOCL) have launched a co-branded contactless INDIANOIL AXIS BANK RuPay Credit Card in partnership with the National Payments Corporation of India (NPCI). The card offers 100% cashback up to Rs 250 on all fuel spends within the first 30 days of card issuance. It also offers waiver of a 1% fuel surcharge on fuel spends between Rs 200 to Rs 5000.

Read more here.

Aurobindo Pharma unit gets USFDA nod for prostate cancer drug

Eugia Pharma Specialties, a wholly-owned subsidiary of Aurobindo Pharma Ltd, has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Leuprolide Acetate injection. The drug is used to treat the symptoms associated with advanced prostate cancer. As per IQVIA data, the product had an estimated market size of $83 million for the twelve months ended April 2022.

Read more here.

AMD takes 500,000 sqft leased space in Prestige Group’s commercial property in Bengaluru

US-based semiconductor manufacturer Advanced Micro Devices (AMD) has leased ~500,000 sq. ft. office space in Prestige Group’s commercial property in Bengaluru. It is one of the largest office deals in the southern market in 2022. AMD will use the new office space to expand its operations in the city. The office is expected to be operational by the end of 2022.

Read more here.

Neelachal Ispat Nigam acquisition crucial for Tata Steel’s growth trajectory: Official

Tata Steel said winning the bid for acquiring a majority stake in Neelachal Ispat Nigam Ltd (NINL) was “crucial” for its growth trajectory. In January 2022, Tata Steel Long Products Ltd won the bid to acquire a 93.71% stake in NINL at an enterprise value of Rs 12,100 crore. Tata Steel will begin work immediately to build a 4.5 million tonnes per annum (MTPA) state-of-the-art long products complex in the next few years.

Read more here.

Aster DM Healthcare partners with Skye Air Mobility for deliveries via drones

Aster DM Healthcare has commenced drone delivery trials with drone technology-based logistics firm Skye Air Mobility in Kerala. Several drones transported essential medicine and critical lab samples from Aster MIMS Hospital to Aster Mother Hospital Areekode. Aster DM Healthcare will leverage Skye Air’s drone technology for the delivery of diagnostic samples and medicines initially in Calicut and further across Kerala.

Read more here.

Jio launches 4G mobile service near Pangong Lake in Ladakh

Reliance Jio has launched its 4G voice and data services in Spangmik village near Pangong Lake in Ladakh. The lake is one of the most popular tourist locations in Ladakh. This launch is expected to provide a boost for the local economy besides providing seamless connectivity to the tourists and the troops in the area.

Read more here.

IEX achieves 16% growth in electricity volumes in May

Indian Energy Exchange (IEX) achieved 7,596 million units (MU) of electricity volume in May 2022, registering a 16% YoY growth. The Day-Ahead Market volume stood at 3,173 MU in May, a decline of 27% YoY. The Real-Time Market volume at 2,319 MU grew 61% YoY.

Read more here.

SBI Cards to raise Rs 2,500 cr via NCDs

SBI Cards & Payment Services Ltd’s board has approved a proposal to raise Rs 2,500 crore by issuing non-convertible debentures (NCDs) to fund business growth. The fund would be raised in one or more tranches (rounds) on a private placement basis.